Reuters logo
Co-op Bank deputy chair resigned over opposition to Lloyds deal
January 28, 2014 / 10:26 AM / 4 years ago

Co-op Bank deputy chair resigned over opposition to Lloyds deal

LONDON, Jan 28 (Reuters) - The former deputy chairman of the Co-operative Bank said he stepped down because he opposed its plans to buy hundreds of branches from Lloyds Banking Group.

Rodney Baker-Bates told parliament’s Treasury Select Committee that he considered the proposed acquisition to be a “giant step too far”.

“I wished to resign because of my opposition to Verde (plan to buy 630 branches from Lloyds),” he said on Tuesday.

Co-op, which is owned by its members and has operations spanning banking, supermarkets and funeral services, was last year rocked after a 1.5 billion pound ($2.5 billion) capital shortfall was identified at its bank and Paul Flowers, former chairman of the bank, was arrested as part of an investigation into the supply of illegal drugs.

Our Standards:The Thomson Reuters Trust Principles.
0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below